Jangho(SH:601886) Changjiang Securities·2025-06-26 09:42Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has secured a subcontract for the Jeddah Tower curtain wall project in Saudi Arabia, with a contract value of 10.52 billion SAR, approximately 20.12 billion RMB, and a contract duration of 3 years [3][9]. - The project will contribute approximately 8.98% to the company's revenue for the fiscal year 2024 [9]. - The company has a strong historical cash flow and a high dividend payout ratio, with a total cash dividend of 6.23 billion RMB in 2024, representing 97.7% of the net profit attributable to shareholders [9]. - The company is expanding its overseas business, with new orders amounting to 76.3 billion RMB in 2024, a year-on-year increase of 57%, and overseas orders now account for 28% of total orders [9]. Summary by Sections Company Overview - The company is involved in the construction and design of curtain walls and has a significant presence in the overseas market, particularly in the Middle East [9]. Financial Performance - The company reported an operating cash flow of 16.26 billion RMB in 2024, with a net cash ratio exceeding 250% [9]. - The projected total revenue for 2024 is 22.406 billion RMB, with a gross profit margin of 16% [15]. Market Position - The company has established itself as a leader in high-rise building curtain wall design, being the first to undertake a project for a building over 1000 meters tall [9]. - The main contractor, Saudi Binladin Group, is one of the largest and most influential construction firms in the Middle East, enhancing the company's market credibility [9].